how do you get another mortgage after you forclosed on one a few years prior?

high interest rate and HUGE down payment.

I expect that the time it takes to foreclose is directly related to the amount of a down payment you made, also depends on who holds the mortgage, what law firm they pass it off to, and what you credit history is.

Read an article this morning that banks are clamping down very hard on mortgage requirements. In order to get the very best rates, some are requiring a credit score over 680 and 30% equity (either down payment or existing equity). What a difference a year makes. A year or two ago, if you had decent credit and 3-5% down, you could get the best rates. The fed is trying to lean on lenders to not tighten qualification standards too much. It just leads to a bigger and faster decline in the economy. I like the idea of requiring more down payment to buy a house. People that put nothing into the deal have nothing to lose when it goes belly up. This is the price of cheap money.

People across the street from me lived in the house for about a year and a half, never made a payment. We never knew a thing, they just picked up and left one day. They had the money too, I don't know what their deal was.

Mike and I were driving down a street in our neighborhood this weekend and a guy was hanging a note on this house door. It looked like the one that was duct taped up when our neighbor a few houses down was foreclosed on. We drove down that street further and saw four doors with those notes on them on one street.
We have the house up for sale now and we are being told that the market is projected to lose 11% value this year because of foreclosures.
We have been looking for houses and saw one that was built two years ago for $410k and now selling for $287k. Our realtor said it still isnt that great of a deal. It must suck to be those people. :chiefwoohaw: